PIANY’s MetroRAP to honor insurance professionals

Insurance professionals from throughout
the New York City metro area will flock to Brooklyn, Thursday, Jan. 31,
2013, for PIANY’s MetroRAP. Don’t miss the opportunity to congratulate this
year’s award winners at lunch: the Executive
of the Year award will be given to Jim Romanelli, zone officer senior vice
president northeastern zone, CNA Insurance Co.; Steve Sternberg, senior vice
president of business development, BankDirect Capital Finance, will be given
the Industry Professional of the Year
award; and Harvey A. Leff, former president, Brooks of New York, will be
honored with a Presidential Citation.
The Bernard I. Kozel and Arthur I. Moll Memorial scholarships also will be
awarded. For more information, or to register, click here.

Cuomo’s State of the State focuses on unemployment insurance, WC, group trust reform

Gov. Andrew Cuomo delivered his annual State of the
State message to start his third year in office this week, with an emphasis on
rebuilding after Superstorm Sandy, and push for both a state minimum wage hike
and gun control at the top of his agenda. With respect to insurance, the
governor is proposing to reform the state’s unemployment insurance system to
repay the federal debt two years earlier, provide workers’ compensation relief
to businesses, resolve employer group self-insurance trust liability and reduce
costs for stakeholders by closing unnecessary funds, including the fund for
reopened cases. More…

Silver appoints Morelle majority leader

Assembly Speaker Sheldon Silver
appointed Assemblyman Joseph M. Morelle, D-136, to serve as majority leader. A
consistent supporter and friend to professional, independent insurance agents, Morelle
was first elected to the Assembly in 1990 and has authored more than 200 laws. Morelle
is the sponsor of PIANY’s certificate of insurance bill and important labor law
reform proposals. He currently serves as chair of the Insurance Committee and
previously chaired the Assembly's standing committees on Tourism, Small
Business, and Ethics. He currently holds positions on the Ways and Means,
Rules, Economic Development, and Higher Education committees.
More…

Lawmakers seek to limit hurricane deductibles

Two New York lawmakers have
called for a dollar limit on hurricane deductibles and a standard restriction
on when insurance companies can apply these higher deductibles. New York Sen.
Kenneth LaValle, R-1, and state Assemblyman Fred Thiele Jr., I-1, introduced a
bill (S.1760/A.1222)
that would block insurers from charging more than $1,500 in hurricane
deductibles, which for now range from 1 to 5 percent of an insured property's
value. PIANY has supported legislation to standardize coastal homeowners
insurance hurricane deductible triggers, reminding lawmakers that when (not if)
a severe hurricane hits New York’s coastal areas, it will reveal
inconsistencies that will cause a public outcry due to inconsistent hurricane
deductible triggers.
More…

Scaffold Law Reform Day in Albany on Feb. 12

PIANY invites its members and
all interested parties to join insurance agents and carriers, farmers,
construction and small business groups on Tuesday,
Feb. 12, 2013, at the Capitol in Albany to talk Scaffold Law reform with
lawmakers from across the state. The day is being organized by the Lawsuit
Reform Alliance, of which PIANY is a member and supporter. The effort will be focused
toward state Senate action on S.111 to reform New York's
Scaffold Law and S.6816/A.2835
would hold workers liable for their fair share of fault when they act
negligently; refuse to use safety devices or are impaired by drugs or alcohol.
New York's Scaffold Law holds property owners and the contractors they hire
automatically liable for all workplace injuries, even if the worker was grossly
negligent or intoxicated. PIANY has long fought for this reform. Attendees may
register for the event here. Interested
parties may send letters of support here.

Employers with employees in New
York are required to issue annual notices under the Wage Theft Prevention Act
to all New York employees between Jan. 1 and Feb. 1, 2013. The annual notice
must contain the following information: the employee's rate or rates of pay
(for nonexempt employees, this must include both the regular rate and overtime
rate); the employee's basis of pay (e.g., hourly, shift, day, week, salary,
piece, commission or other); allowances, if any, claimed as part of the minimum
wage (e.g., tips, meals, lodging); the regular pay day; and the name (including
any "doing business as" name), address and telephone number of the
employer.
More…

ELANY provides compliance assistance

The Excess Line Association of New York reminds producers in
Bulletin No. 2013-04
to take advantage of its Compliance
Advisor. This document provides a review of compliance fundamentals so
brokers have a guide to avoid infractions that can result in fines or other
disciplinary actions.

President signs bill to pay Sandy flood insurance claims

On Sunday, President Barack
Obama signed a
$9.7 billion extension to the National Flood Insurance Program. The extension will
provide a short-term increase in the Federal Emergency Management Agency’s
borrowing authority for the flood insurance program. The House and Senate
passed the bill last week. The action was applauded
by PIA National. On Jan. 15, the House will vote on a second Sandy-related
bill, which could provide an additional $51 billion in storm-recovery aid.
Munich Re AG recently released a report
that stated that last year natural catastrophes caused $160 billion in overall
losses and $65 billion in insured losses worldwide. The year’s highest insured
loss was caused by Sandy, with an estimated amount of $25 billion.

NFIP offering post-flood webinar Jan. 16

The NFIP is offering a
post-flood webinar Wednesday, Jan. 16,
at 10 a.m., focusing on the information agents need in the early stages of loss
reporting and claims handling, including: common post flood coverage issues;
the claims process; the appeals process; the increased cost of compliance and
how to apply; the role of the SBA; the impact of Biggert-Waters 2012; and
available resources. The course is free, but space is limited. No continuing-education
credits are offered for this course in any state. To register, click here.

PIA flier explains flood insurance premium increases to policyholders

PIA created a consumer-oriented
flier that answers the question on many flood insurance policyholders’
minds, "Why is my flood insurance premium increasing?" The flier explains
recent rates hikes in the NFIP and provides other valuable information about
floods and flood insurance. This flier is available on PIANY’s Storm
Info Central.

Professional, independent agents demonstrate extraordinary service in the wake of Sandy

Not surprisingly, PIA members
continue to extend extraordinary service to help their clients after Sandy, and
we’d like to share that. Do you have customers who can report how they
benefited from working with a professional, independent agency? Have you worked
with any carriers that have shown exemplary customer service? Please share your
photos and stories with your PIA Communication Department by emailing them to mchristiano@pia.org.

Beginning Jan. 1, 2013,
noninterest-bearing transaction accounts no longer will be insured separately
from depositors’ other accounts at the same insured depository institutions.
Instead, noninterest-bearing transaction accounts will be added to any of a
depositor’s other accounts in the applicable ownership category, and the
aggregate balance insured up to at least the Standard Maximum Deposit Insurance
Amount of $250,000, per depositor, at each separately chartered IDI. The FDIC
no longer will provide separate, unlimited deposit insurance coverage for
NIBTAs at insured depository institutions. Section 343 of the Dodd-Frank Act
provided separate, unlimited FDIC coverage for NIBTA depositors through Dec.
31, 2012. Beginning Jan. 1, 2013, the FDIC will insure NIBTAs in accordance
with 12 C.F.R. Part 330, which generally provides each depositor up to $250,000
in coverage at each separately chartered IDI. IDIs have been encouraged to take
reasonable steps to provide adequate advance notice to NIBTA depositors of the
changes in FDIC insurance coverage so that they may consider the impact of any
change in coverage in their management of these transaction accounts. More…,
More… and More…

Department of the Treasury/IRS release proposed rulemaking on the PPACA’s employer requirements

On Dec. 28, 2012, the Department of the Treasury and the IRS released a notice of proposed rulemaking on the Affordable Care Act’s employer
requirements under Internal Revenue Code Section 4980H, which takes effect on
Jan. 1, 2014. The proposed regulations are intended to provide a comprehensive
set of rules upon which employers can rely as they work to comply with the law
and mitigate tax liabilities. The proposed regulations may be relied upon and
will remain in effect until final regulations are issued. The notice of
proposed rulemaking is scheduled for publication in the Jan. 2, 2013, Federal Register, and comments are due
by Monday, March 18, 2013. In addition, the IRS announced a public hearing on
the notice of proposed rulemaking for Tuesday, April 23, 2013.
More…

NAIC releases report on profitability by line, by state in 2011

The National Association of Insurance Commissioners released the Report on Profitability by Line by State in 2011. The report
estimates and allocates profitability in property/casualty insurance by state
and by line of insurance. The ability to analyze results in this way enhances
transparency on the financial impact that the economic climate has had on each
of these lines.

PIANY participating on panel for Downstate Legislative Forum

The
2013 Downstate Legislative Forum will be held on Wednesday, Feb. 6, 2013. Hear our experts discuss the latest topics
and legislative strategies that will affect you and your business this year.
Forum moderator Stephen Acunto, editor and publisher of the Insurance Advocate will lead a panel
including: Tom Faist, Esq., CIBGNY lobbyist; Matthew Guilbault, Esq., PIANY
director of Government and Industry Affairs; and Jill Muratori, IIABNY
lobbyist. The forum will be held at Chateau Briand, 440 Old Country Road, Carle
Place. For more information, or to register, click here.

E&O assistance available through PIA Industry Resource Center

PIANY
offers access to an industry expert to assist with your errors-and-omissions
questions. These issues are of utmost importance to your day-to-day agency
operation—don’t let these important questions keep you up at night. Let PIA’s
E&O Consultant Robert Sullivan, Esq., who has expertise in the defense of
insurance agents and brokers in professional liability and complex insurance
litigation, help you. To pose a question, email resourcecenter@pia.org or fax your inquiry to the PIA Industry Resource
Center at (888) 225-6935. PIA also offers several E&O-related courses, many
of which offer a discount on your E&O coverage. View the 2013 schedule here.

Let PIA’s E&O programs serve you

PIA
offers a selection of quality E&O insurance coverages for producers. Don’t
delay, click here to
obtain a quote, or contact PIA’s Member Services Department at (800) 424-4244.
Remember—Think PIA first for all your E&O needs.

Join
PIANY on Tuesday, Jan. 15, 2013, for
the three-hour Webinar Real Life Claims Examples that will discuss both
personal- and commercial-lines claim examples and their coverage outcomes. In
the aftermath of Sandy, this Webinar will help with the prevention of E&O
claims through a better understanding of policy coverages and shortcomings.
Coverage topics will include, but not be limited to: business income (including
utility services and civil authority); the NFIP and excess flood insurance;
2011 homeowner changes; a review of client contracts; claim-reporting
responsibilities; blanket additional insured endorsements; insurance to value,
including ordinance and law coverage; defense of indemnities; damage to
premises rented and legal liability coverage; and other scenarios to identify
areas of weakness and coverage gaps in your clients’ insurance program. For
more information, or to register, click here.

Build and strengthen your agency-carrier relationships

Given the competition of direct writers, and the changing market cycles in
the insurance industry, both carriers and agencies need to understand each
other’s goals and future plans. Visits by company field representatives should allow
you to talk about where you see your agency going and how your relationship
with this carrier can get you there. On the other side, the field
representative has the opportunity to let you know what changes the carrier is
facing and share what it has planned for the coming year. Industry consultant
Doug Brown, through PIA QuickSource document No. QS90547, offers views from three
company representatives on how these relationships can be a win-win experience
for both parties. Another guide that can assist in making these meetings more
productive is AUGIE’s Productive Agency Visits for Insurance Carriers booklet (QS90496). To access either of these
documents, log on to the PIANY website
and type the appropriate QuickSource number in the Google-facilitated search
box, or fax a request to PIA’s Industry Resource Center at (888) 225-6935. Also,
be sure to bookmark PIA’s Market
Transition Tool Kit for the latest market trends, sample customer
communications, policyholder protections and more.

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